Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stake Reduced by Segall Bryant & Hamill LLC

Segall Bryant & Hamill LLC lessened its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 51.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 145,992 shares of the company's stock after selling 154,122 shares during the quarter. Segall Bryant & Hamill LLC owned 0.09% of Credo Technology Group worth $9,812,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of CRDO. Point72 Asset Management L.P. increased its position in shares of Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock worth $120,627,000 after acquiring an additional 1,660,230 shares in the last quarter. FMR LLC boosted its position in Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company's stock worth $35,493,000 after purchasing an additional 1,013,789 shares during the period. JPMorgan Chase & Co. increased its holdings in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Wellington Management Group LLP raised its position in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock valued at $88,188,000 after purchasing an additional 705,512 shares during the period. Finally, Elemental Capital Partners LLC purchased a new position in Credo Technology Group in the fourth quarter valued at about $43,171,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

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Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CRDO shares. Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Mizuho increased their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research report on Friday, January 10th. TD Cowen boosted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Bank of America lowered their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $74.90.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the business's stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the sale, the chief operating officer now owns 2,802,447 shares in the company, valued at $126,754,677.81. The trade was a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $80.57, for a total transaction of $4,834,200.00. Following the sale, the chief technology officer now directly owns 8,268,602 shares in the company, valued at $666,201,263.14. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,030,665 shares of company stock worth $69,289,092. Corporate insiders own 16.04% of the company's stock.

Credo Technology Group Stock Down 0.9 %

Shares of CRDO traded down $0.35 during midday trading on Monday, hitting $40.16. The company had a trading volume of 5,104,393 shares, compared to its average volume of 3,341,226. The stock has a market cap of $6.82 billion, a price-to-earnings ratio of -267.73 and a beta of 2.16. The company's 50 day moving average price is $59.78 and its 200 day moving average price is $54.01. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.